Independent Bank (NASDAQ:IBCP – Get Free Report) posted its quarterly earnings data on Thursday. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.17, Zacks reports. The company had revenue of $81.51 million during the quarter, compared to analysts’ expectations of $53.50 million. Independent Bank had a return on equity of 17.24% and a net margin of 21.11%. During the same period last year, the firm earned $0.70 EPS.
Independent Bank Price Performance
NASDAQ IBCP traded down $0.84 during mid-day trading on Friday, hitting $34.29. The stock had a trading volume of 158,544 shares, compared to its average volume of 157,406. Independent Bank has a 52-week low of $16.90 and a 52-week high of $35.97. The company has a market cap of $716.66 million, a price-to-earnings ratio of 11.66 and a beta of 1.01. The company has a 50 day simple moving average of $26.65 and a 200 day simple moving average of $25.44. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.31.
Independent Bank Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 5th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Monday, August 5th. Independent Bank’s dividend payout ratio (DPR) is 32.65%.
Insider Activity at Independent Bank
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on IBCP. DA Davidson reissued a “neutral” rating and set a $28.00 target price on shares of Independent Bank in a research note on Tuesday, April 30th. Piper Sandler raised Independent Bank to a “hold” rating in a research note on Tuesday, June 11th.
Check Out Our Latest Analysis on IBCP
About Independent Bank
Independent Bank Corporation operates as the bank holding company for Independent Bank that provides commercial banking services to individuals and businesses in rural and suburban communities in Michigan. It offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services.
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